55th meeting of GST held, important decision taken

Jaipur (Team Newsbuddy): The 55th meeting of the GST (Goods and Services) Council was held in Jaisalmer, Rajasthan . This meeting was chaired by Finance Minister Nirmala Sitharaman.

During the meeting, the GST Council has taken many important decisions. In these, the GST rate on many goods and services has either been reduced or abolished completely. At the same time, there are some goods or services on which GST rates have been increased.

Important decisions taken after the 55th meeting of the GST Council

The GST rate on fortified kernel rice has been reduced to five percent. Also, GST rates on gene therapy have been removed.
Apart from this, the IGST exemption on equipment for surface-to-air missiles has been increased.
Cess (separate tax) imposed on traders sending goods abroad has been reduced.
If farmers do not supply black pepper and raisins, then no GST will be imposed on them.
Those providing payment facility for payment of less than two thousand will get relief from GST. But payment gateways and fintech service platforms will have to pay GST.
GST will not be levied on the penalty imposed by banks and non-banking finance companies on those who do not follow the terms of the loan.
In the GST meeting, there was a discussion on apps providing instant or quick delivery, e-commerce and food delivery apps, but no decision was taken on whether to impose tax or not.
The GST rate on new EV vehicles has been reduced to five percent, but 18 percent GST will have to be paid on selling second-hand vehicles by a company. If it is not sold through a company, no GST will be levied.
Talking about the decisions after the meeting, the Finance Minister said that both the airlines and the Aviation Ministry had demanded that Air Traffic Fuel i.e. ATF (fuel for airplanes or other flying vehicles) be brought under the ambit of GST. But the states did not a
gree to this.